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Jan 17, 2013
01/13
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dodd-frank addresses extracted resource payments made by u.s. listed oil, gas, and mining companies. but leaves the reform of freddie mac and fannie mae for another day. the act fundamentally restructures the nation's financial regulatory infrastructure by establishing the financial stability oversight council, not to mention the consumer financial protection bureau, but failed to eliminate the redundancy of having the sec and the cftc share jurisdiction over substantially similar and interrelated products and markets. dodd-frank creates a system of regulation for so-called cities, or sci-fi's for some in the crowd. but does not address the shortcomings of the short term funding model of banks that continue to be too big to fail. the dodd-frank acts attempt to solve the financial crisis illustrates the peril of false narratives. justifies the mandate as answers but only after asking the wrong question. i suppose this shouldn't be a surprise given that the statute is not the product of a bipartisan compromise that was enacted surely after the ons
dodd-frank addresses extracted resource payments made by u.s. listed oil, gas, and mining companies. but leaves the reform of freddie mac and fannie mae for another day. the act fundamentally restructures the nation's financial regulatory infrastructure by establishing the financial stability oversight council, not to mention the consumer financial protection bureau, but failed to eliminate the redundancy of having the sec and the cftc share jurisdiction over substantially similar and...
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Jan 19, 2013
01/13
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the dog frank wall street protection act. -- the dodd-frank wall street protection act. we can test it had that done enough. -- it had not done enough. it exacerbated economic growth by a -- it has benefited many. they are known as lawyers. it has created many new levels of bureaucracy. we believe it has been counterproductive in working against the core problems it seems to address. let me define what i mean when i say to big to fail. the definition is financial firms whose owners, managers, and customers believe themselves to be exempt from the process of bankruptcy. said firms captured the financial upside of their actions but they largely avoided payments for actions gone wrong. a violation of one of the basic tenets of capitalism. subsidies relative to their non -too big to fail competitors, the create a risk in profits, protected by the presumption that bankruptcy is highly unlikely to obtain. the phenomenon of too big to fail resulted in a widely taken for granted government sanction, coming to the aid of managers and creditors of financial institutions deemed too
the dog frank wall street protection act. -- the dodd-frank wall street protection act. we can test it had that done enough. -- it had not done enough. it exacerbated economic growth by a -- it has benefited many. they are known as lawyers. it has created many new levels of bureaucracy. we believe it has been counterproductive in working against the core problems it seems to address. let me define what i mean when i say to big to fail. the definition is financial firms whose owners, managers,...
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Jan 17, 2013
01/13
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CSPAN2
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and i just, you know, of all the mandate in dodd-frank. i think this one hits a court cause of the financial crisis. the failure of the rating agency and the overrelicense on ratings. and despite that we are conflict mineral disclosure. we don't have removal of the references. i adopt get it. i don't know. i haven't seen the proposal yet. i doubt it. i don't think i would push for it it's going to slow down the larger money market on reform. that was a preference last year. but i do hope regardless that it comes soon. a lot has been made about the slow pace of the jobs act implemented. in some ways it's slower than that. many of the idea and the jobs act, the best idea were ideas that fcc had gathered and considered and said it was going to adopt for years before congress acted. and then, you know, one of our concerns is that there is the jobs act, god frank the most two-thirds of dodd-frank and other areas there's a pentup area i think you can achieve pretty broad bipartisan consensus and yet the fcc agenda seems to be subsumed by other i
and i just, you know, of all the mandate in dodd-frank. i think this one hits a court cause of the financial crisis. the failure of the rating agency and the overrelicense on ratings. and despite that we are conflict mineral disclosure. we don't have removal of the references. i adopt get it. i don't know. i haven't seen the proposal yet. i doubt it. i don't think i would push for it it's going to slow down the larger money market on reform. that was a preference last year. but i do hope...
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Jan 17, 2013
01/13
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and all the mandates in dodd-frank. this hits a core of the financial crisis, the failures of the rating agencies and overreliance on the ratings and yet despite that, we have conflict mineral disclosure but don't have removal. i just don't get it. [inaudible question] >> i haven't seen the proposal and i doubt it. i don't think i would push forward. again, that was just a preference last year, but i do hope regardless that it comes soon. >> a lot has been made about the slow pace at which the jobs act hasn't been implemented. in some ways, it's even slower than that because many of the ideas in the jobs act, were ideas that the s.e.c. had gathered and considered that it was going to adopt for years before congress acted. and one of our concerns is that there is the jobs act, dodd frank -- the most difficult 2/3 of dodd-frank. there is a whole area where i think you could achieve pretty broad bipartisan consensus and yet the s.e.c.'s agenda seems to be subsumed by other issues. you mentioned others. those cases are mand
and all the mandates in dodd-frank. this hits a core of the financial crisis, the failures of the rating agencies and overreliance on the ratings and yet despite that, we have conflict mineral disclosure but don't have removal. i just don't get it. [inaudible question] >> i haven't seen the proposal and i doubt it. i don't think i would push forward. again, that was just a preference last year, but i do hope regardless that it comes soon. >> a lot has been made about the slow pace...
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Jan 17, 2013
01/13
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the dodd-frank and greater ever financial regulation. he points and 18 he thinks, what we call call reports, reports received from bank holding companies covered 547 columns by excel at the 1999, 1290 columns. by 2011, 2271 columns of xl reporting. fortunately, he added dryly. xl has expanded sufficiently to capture those increases. though this complex reporting field to prevent the detention of the detection of the debacle 2007 in 2009, dodd-frank has layered on copious amounts of new complexity of the legislation has 16 titles and rents 849 pages. has let her come promoter of regulators and regulations. more than 8800 pages of regulations have been proposed in the process is not yet done. in his speech, holliday noted conservatively in my view that a survey shows complying with rules require 2,260,231 labor hours each year. he added the cost of this regulatory edifice to be small if they delivered modest improvements to regulators ability to avert future crises. he then goes on to argue the wake is not worth the candle and concludes, m
the dodd-frank and greater ever financial regulation. he points and 18 he thinks, what we call call reports, reports received from bank holding companies covered 547 columns by excel at the 1999, 1290 columns. by 2011, 2271 columns of xl reporting. fortunately, he added dryly. xl has expanded sufficiently to capture those increases. though this complex reporting field to prevent the detention of the detection of the debacle 2007 in 2009, dodd-frank has layered on copious amounts of new...
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Jan 14, 2013
01/13
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unfortunately, the dodd-frank bill prohibits your action against brokers. is there anybody at your bureau who has enough wherewithal to stand up to lobbying efforts, to ask congress to eliminate those provisions from the dodd- frank bill, and require the real-estate community to make the consumer aware of their agency choices, when selecting an agency to guide the consumer through the maze of home buying? at the present, there are 50 state regulations, none of them alike, some of them calling the same type of agency a different name. we need some regulation at a national level on agency disclosure to make sure the consumer is protected when they are making the biggest purchase of their life. >> thank you, mr. sullivan. allyson wang? >> i am interested consumer. i would like to know -- a trend in the employment market is the increasing percentage of the population whose income mimics the self-employed, whether they are our workers, independent contractors, or freelancers. what protections does the rule offer in the burden of proof of ability to repay for tho
unfortunately, the dodd-frank bill prohibits your action against brokers. is there anybody at your bureau who has enough wherewithal to stand up to lobbying efforts, to ask congress to eliminate those provisions from the dodd- frank bill, and require the real-estate community to make the consumer aware of their agency choices, when selecting an agency to guide the consumer through the maze of home buying? at the present, there are 50 state regulations, none of them alike, some of them calling...
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Jan 17, 2013
01/13
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so i'm not sure we can stop dodd-frank back into the bottle. i'm not saying -- we are not say, our teams are not say that the holding come base cannot engage another committees. we say they will not have government guarantees, not go too far from the discount window plain and simple and everyone of their clients will acknowledge the fact that money is at risk. so it's not forbidding. it doesn't formally split, but it applies guarantees only to a specific practice, what we call commercial banking to the deposit taking entity. and to not arrest the remain extremely clear. as to the size, prohibitions, my colleague at the board of governors, dan cirillo has talked a little bit about that. i'll leave that up to him in terms of his responsibility to a limited dodd-frank. he's a thinker and quite frank about the difficulty of doing so. i'm a little reluctant given my philosophical than to artificially engineered size. i believe marcus will solve these problems if remake very clear what the rules are, but just to be honest, i have a hard time saying x
so i'm not sure we can stop dodd-frank back into the bottle. i'm not saying -- we are not say, our teams are not say that the holding come base cannot engage another committees. we say they will not have government guarantees, not go too far from the discount window plain and simple and everyone of their clients will acknowledge the fact that money is at risk. so it's not forbidding. it doesn't formally split, but it applies guarantees only to a specific practice, what we call commercial...
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Jan 9, 2013
01/13
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CNBC
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i realized we hadn't talked about dodd-frank in a while. his name is alan dodds frank. so how that possible? he's a business correspondent. >> yeah. >> his name is dodd frank. that's like -- >> yeah -- >> like arm & hammer, isn't it? the guy bought arm & hammer because his name -- then we used to have a guy on all the time, named after the craft store. remember that guy? >> michael's? >> no, the other one. >> a.c. moore? >> yeah. a.c. moore on all the time. >> i don't remember. >> he did not buy -- he is at argus research, a.c. moore. we got to hire this guy. he could be an expert on -- >> all the time. >> we'll have alan dodd frank on -- >> dodd-frank, if it were repealed, would he have less value? >> he was repealed, i think. where is he now? i'm sorry. did that -- >> let's go -- >> those were my kleenex. stay away from them. >>> let's go across the bond. time for the "global markets report." kelly evans is standing by. is there a famous company or legal provision named kelly evans? >> there's a kelly girl. they're -- they were temporary secretaries, weren't they? >>
i realized we hadn't talked about dodd-frank in a while. his name is alan dodds frank. so how that possible? he's a business correspondent. >> yeah. >> his name is dodd frank. that's like -- >> yeah -- >> like arm & hammer, isn't it? the guy bought arm & hammer because his name -- then we used to have a guy on all the time, named after the craft store. remember that guy? >> michael's? >> no, the other one. >> a.c. moore? >> yeah. a.c....
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Jan 1, 2013
01/13
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CSPAN2
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and dodd-frank is filled with that. so although we didn't see the effects of citizens united, i think we did see the effects of con constituency influence. >> there was a question here in front. that microphone to the gentleman in front. >> yeah. i'm the ambassador to barbados, but i'm wearing the hat now of a former chase banker and been through the credit school and worked for several banks and been ceo of a bank. the one thing i thought was very interesting in our discussion, the thing that i would like just to point out, though, is i don't believe you can regulate good decisions. i don't believe you can regulate greed. and what i found is this, is that you talk with the risk person at the bank or the ceo or someone making the decisions. i can assure you the ceo pretty well knows the risk he's taking. but sometimes you get, people get boxed into situations where they don't have choices. by this let me to one step further -- let me go one step further. i've been in a situation where you had a result last year, you mad
and dodd-frank is filled with that. so although we didn't see the effects of citizens united, i think we did see the effects of con constituency influence. >> there was a question here in front. that microphone to the gentleman in front. >> yeah. i'm the ambassador to barbados, but i'm wearing the hat now of a former chase banker and been through the credit school and worked for several banks and been ceo of a bank. the one thing i thought was very interesting in our discussion, the...
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Jan 11, 2013
01/13
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regulation of the mortgage market under dodd-frank is essential to our economic security n. the years leading up to the economic crisis, pricing replaced underwriting as a risk control mechanism. lenders relied on securitization to spread the cost of the inevitable foreclosures. fore close yours devastated communities across the country, particularly communities of color. congress' mandate in dodd-frank is clear; lenders must take reasonable steps to insure that every mortgage loan is affordable when made, and homeowners whose lenders overreach have recourse. the consumer financial protection bureau's new regulations implement important new protections for sustainable lending, but they fail to fully deliver those protectionings. the bureau laudably offers a presumption for subprime boar roar e e -- borrowers if they receive a qualified mortgage that the lender should have known was nevertheless unaffordable. this important backstop against abusive lending will not be available in the prime market. the safe harbor the because of row has afforded for prime loans provides shelt
regulation of the mortgage market under dodd-frank is essential to our economic security n. the years leading up to the economic crisis, pricing replaced underwriting as a risk control mechanism. lenders relied on securitization to spread the cost of the inevitable foreclosures. fore close yours devastated communities across the country, particularly communities of color. congress' mandate in dodd-frank is clear; lenders must take reasonable steps to insure that every mortgage loan is...
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Jan 16, 2013
01/13
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volcker rule or the dodd-frank act supports to address. what much of the rule, it is a source of the problem. the fact is still the law of the land. and banks have long since accepted rules and its implications for business activities. i have been told by several firms that although these rules have yet to be finalized, they have taken significant steps to shut down the trading activities and in some cases have argued him so completely. as firms have looked to the text and bringing hedging into compliance, high-level staff continue to work behind closed doors to refine a rulemaking proposal that included a bipartisan group of six senators. as drafted, could adversely affect main street businesses by reducing market liquidity and increasing the cost of capital. in another comment letter, senator mercury and senator levin both wrote that the volcker rule demands wall street change its culture. implemented in a smart and vigorous way, the volcker rule can both protect the u.s. economy and taxpayers from some of the greatest risks created by t
volcker rule or the dodd-frank act supports to address. what much of the rule, it is a source of the problem. the fact is still the law of the land. and banks have long since accepted rules and its implications for business activities. i have been told by several firms that although these rules have yet to be finalized, they have taken significant steps to shut down the trading activities and in some cases have argued him so completely. as firms have looked to the text and bringing hedging into...
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Jan 11, 2013
01/13
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the cfpb was created in 2010 under the dodd-frank regulations law. this is two hours. >> the financial protection bureau is an independent agency, whose mission is to help consumer finance markets work by making rules more effective by consistently and fairly and forcing those rules and by empowering consumers to take more control over their economic lives. i am the acting associate director. welcome. today's field hearing is being light streamed -- live streams, and you can follow us on facebook and twitter. we begin today's hearing with remarks from some well-known luminaries. and then you will hear from the director. this will be followed by a panel discussion that will be led by the deputy director. after the panel discussion, audience members will have an opportunity to share their stories and observations with the cfpb. so let's get started. one senator is a native of baltimore, a former state legislator, and a member of the house. in 2001, and he was named by a magazine as being in the top 100 people with influence on the way americans think a
the cfpb was created in 2010 under the dodd-frank regulations law. this is two hours. >> the financial protection bureau is an independent agency, whose mission is to help consumer finance markets work by making rules more effective by consistently and fairly and forcing those rules and by empowering consumers to take more control over their economic lives. i am the acting associate director. welcome. today's field hearing is being light streamed -- live streams, and you can follow us on...
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Jan 9, 2013
01/13
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MSNBCW
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where do you stand and are you bullish or bearish on implementing the rest of dodd-frank? >> something kind of in between a bull and a bear. >> an owl, what is it? >> i'm not hugely optimistic. moving almost all derivatives, which means we can see what's in them and what they are. a lot of that has been off the books until now. a lot of what's going on with aig has been off the books until now, but dodd-frank has rules regulators are creating. i'm sure in the short-term they'll be fine. the problem is when it's up to the regulators to define the rules, the next time we get into this bubble period, right, remember part of what happens in a run up to a bubble is everybody starts to really like wall street. wall street was able to get tons of deregulation in the '90s and able to get a lot of congressional support in the 2000s, too, because they looked so good at their job that people thought there's no way these geniuses who are making so much money could possibly be mispricing all this risk. if they were so dumb, no way they'd be making this money, right? that's when regulat
where do you stand and are you bullish or bearish on implementing the rest of dodd-frank? >> something kind of in between a bull and a bear. >> an owl, what is it? >> i'm not hugely optimistic. moving almost all derivatives, which means we can see what's in them and what they are. a lot of that has been off the books until now. a lot of what's going on with aig has been off the books until now, but dodd-frank has rules regulators are creating. i'm sure in the short-term...
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Jan 28, 2013
01/13
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be done for financial institutions considered "too big to fail" will no doubt go on, as parts of the dodd-frank act continue to be implimented. the auto industry reports car sales later this week, and despite the winter temps, it's predicted car sales sizzled in january. early indications by jd power show car and truck numbers may roll in with a 15% rise in sales - the highest rate in 5 years. economists closely watch the data to get a feel for consumer demand. it's becoming apparent, as the housing market recovers, people are buying more cars. there's no quick fix for boeing's dreamliner jets. reports say batteries that caused fires in the planes were not overcharged, but individual cells may have exceeded their design limits, according to federal safety officials. the batteries are still under investigation by the national transportation safety board, and no possible issues have been ruled out. the planes are grounded until the problem is solved. the senate votes today on a $50-billion emergency aid bill to assist americans harmed by superstorm sandy. the house recently approved the bill, and
be done for financial institutions considered "too big to fail" will no doubt go on, as parts of the dodd-frank act continue to be implimented. the auto industry reports car sales later this week, and despite the winter temps, it's predicted car sales sizzled in january. early indications by jd power show car and truck numbers may roll in with a 15% rise in sales - the highest rate in 5 years. economists closely watch the data to get a feel for consumer demand. it's becoming apparent,...
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Jan 11, 2013
01/13
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appropriate implementation of dodd-frank and to understand where dodd-frank can be helpful and where going to far and sup hurting the u.s. economy or hurting consumers. host: john engler is president of the business roundtable. david is up. caller: thank you for taking my call. good morning. i met you at an anti-drug rally. i think it was in your first term. i hope you're all small bill was still running. you happen to take a helicopter. i just want to know how you ceos -- we have a rotten ceo for governor now, and gov. snyder. i know you are in cahoots with them. how did you happen to hand over a $4 billion deficit when all your republicans say "how you balance budgets." now michigan is worse off and they are making a right to work state. you're republicans take things and they turned to total crap. guest: obviously, somebody from the other part of the aisle. the. i will make is what i left, we had a triple a rating. we had not had that in 25 years. we did have a balanced budget. it was under stressed. it was the economic conditions. the new governor that came in ran into considerab
appropriate implementation of dodd-frank and to understand where dodd-frank can be helpful and where going to far and sup hurting the u.s. economy or hurting consumers. host: john engler is president of the business roundtable. david is up. caller: thank you for taking my call. good morning. i met you at an anti-drug rally. i think it was in your first term. i hope you're all small bill was still running. you happen to take a helicopter. i just want to know how you ceos -- we have a rotten ceo...
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Jan 17, 2013
01/13
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FBC
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you say on balance dodd-frank has actually made things worse, how so? >> we have higher concentration in the banking industry, the top 12 bank holding companies or 68% of the assets in the industry, what it has done is it has layered enormous amounts of bureaucracy in filing. which are in terms of the numbers of the total banks added 9.8% of the banks are the ones that personally think overburdened by so much of the complexity of this massive legislation that has occurred, which were only as one of the regulators part of the way through in terms of implementing what the law requires of us to do at the central bank, so there's a question of fairness, there's a question of really the objective of the legislation ending too big to fail. i do believe the very large institutions operating at a subsidy under the assumption they will never be able to fail, they're systemically important. the other 99.8%, david, they are too small to save. they come out on a monday and have the ownership structure. the system works, does not apply to the .2% admissible argument
you say on balance dodd-frank has actually made things worse, how so? >> we have higher concentration in the banking industry, the top 12 bank holding companies or 68% of the assets in the industry, what it has done is it has layered enormous amounts of bureaucracy in filing. which are in terms of the numbers of the total banks added 9.8% of the banks are the ones that personally think overburdened by so much of the complexity of this massive legislation that has occurred, which were only...
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Jan 17, 2013
01/13
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there's a lot of things we should have done ta dodd frank didn't do. i'm all in favor of very strong regulation, but we didn't get it with dodd-frank. i think with dodd-frank all we got was excessive and ineffective regulation and we haven't fixed our system. >> wa about the inof banker pay? is it structured in a way that creates problems and different vulnerabilities within the banking industry? would you reform it? and how so? >> i couldn't quite hear that question. we don't have a great connection the. >> sorry, bill. we apologize for all the issues. i lastly wanted to ask you about banker pay. compensation is in focus here. does it need to be reformed? if so, how? >> i think i heard you talking about compensation and the fact that we are not regulating it properly. and it's still too high. i don't know that i agree w that. i think we have made significant reforms in the way executives are compensated. sitting on the board of a bank, i can tell you that the directors are very much involved as are the regulators in terms of how the campaign plan oper
there's a lot of things we should have done ta dodd frank didn't do. i'm all in favor of very strong regulation, but we didn't get it with dodd-frank. i think with dodd-frank all we got was excessive and ineffective regulation and we haven't fixed our system. >> wa about the inof banker pay? is it structured in a way that creates problems and different vulnerabilities within the banking industry? would you reform it? and how so? >> i couldn't quite hear that question. we don't have...
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Jan 11, 2013
01/13
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unfortunately the dodd-frank bill that created your bureau contains language that prohibits any action against real estate agents or brokers. my question to you is is there anybody in your bureau who has the -- to ask congress to eliminate the provisions to the dodd-frank bill and require the real estate community to make consumer aware of the agency choices when selecting the agent to guide through the maze of home buying. at the present time there are fifty state regulations none alike. some calling the same type of agency a different name. we need some regular legislation at the national level on agency disclosure to make sthiewrt consumer is protected when they're buying their -- or making the biggest purchase of their life. >> thank you, mr. sullivan. allison wang. >> hi, my name is allison wang and i'm an interested consumer. i would like to know the unemployment market is the uncreasing percentage of the population who mimics the self-employed hourly workers or independent contractors or freelancers. what protection does the rule offer to ensure full access to the credit market
unfortunately the dodd-frank bill that created your bureau contains language that prohibits any action against real estate agents or brokers. my question to you is is there anybody in your bureau who has the -- to ask congress to eliminate the provisions to the dodd-frank bill and require the real estate community to make consumer aware of the agency choices when selecting the agent to guide through the maze of home buying. at the present time there are fifty state regulations none alike. some...
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Jan 21, 2013
01/13
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a lot of the dodd-frank financial reform law is designed not for the problems that led to the prices. a lot is trying to fix the bailout to make sure to get rid of this moral hazard created by this very generous the bailout. >> let me go back. how many people work there? >> when we started, 4500. >> why so many additional? >> it had been cut to the bone. there was a brutal downsizing. >> by who? >> predecessors. in fairness, the agency had gotten very big as a result of the crisis. there was need for downsizing. they cut too far. that was symptomatic of a self regulatory mantra that had taken over washington. when the golden age of banking, banks were very profitable forever. we do not need regulators, we do not need the fdic. we have the ability to borrow. there is always the option to borrow from taxpayers. >> the costs are paid for by the banks? >> yes. the premium, the returns, pay the operating costs. >> as you sit there, what do you not regulate? >> we do not insure securities. you have to be a regulated bank. we do not insure holding companies. we did for a limited time. that i
a lot of the dodd-frank financial reform law is designed not for the problems that led to the prices. a lot is trying to fix the bailout to make sure to get rid of this moral hazard created by this very generous the bailout. >> let me go back. how many people work there? >> when we started, 4500. >> why so many additional? >> it had been cut to the bone. there was a brutal downsizing. >> by who? >> predecessors. in fairness, the agency had gotten very big as...
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frank act bill requirements are being imposed tell me what type of the role that plays into it. well if you if you're going to look at the results of regulations directly affecting businesses we haven't seen that much of dodd frank actually be implemented and a lot of the final rules that he's been have been announced some some of them like the basel accounting requirements for banks are going to be fully implemented until two thousand and eighteen so in some sense there are certain regulations that are that of the concert are being offered by the fears are for the future the environment of there's going to be a lot of regulations there's a lot of smaller regulations state level regulations and fears about tax code or that's the the rhetoric that business leaders are largely focusing on and where i do think that today's data is nonce sort of reflecting the reality on the ground is that sure you've got a lot of profits at these large corporations but what we haven't been seeing is investment in the economy and that's the reason why the economy is weak that's the reason why import
frank act bill requirements are being imposed tell me what type of the role that plays into it. well if you if you're going to look at the results of regulations directly affecting businesses we haven't seen that much of dodd frank actually be implemented and a lot of the final rules that he's been have been announced some some of them like the basel accounting requirements for banks are going to be fully implemented until two thousand and eighteen so in some sense there are certain regulations...
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Jan 26, 2013
01/13
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dodd/frank, a very bad legislation. the agenda was really coming only after obamacare and the stimulus. the published articles against it. he won the house. republican house has no legislation to repeal dodd/frank are to replace dodd/frank with a sensible financial regulatory structure. what does that say about where republicans were in their agenda? you need to have some regulatory structure. we need some answers for what he would replace dodd/frank with. a lot of conservatives have blamed the american public for what happened. if you are a member of the public says obama's is terrible, what is your replacement? we do not want to get into that right now. that is not a serious government party. >> i think there is a movement issue. the conservative movement came into fruition with rage in 1980. as a governing force, it is now three decades old. a lot of what goes on in these circles as a result of three decades and a lot of groups getting involved is a choking off of a lot of conversation. if you start down the road, yo
dodd/frank, a very bad legislation. the agenda was really coming only after obamacare and the stimulus. the published articles against it. he won the house. republican house has no legislation to repeal dodd/frank are to replace dodd/frank with a sensible financial regulatory structure. what does that say about where republicans were in their agenda? you need to have some regulatory structure. we need some answers for what he would replace dodd/frank with. a lot of conservatives have blamed the...
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Jan 23, 2013
01/13
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FBC
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dodd-frank cost, the banks have had to cut cost. what you see is lower trade volumes. put all that together, that is a situation, that is what you have right now in the financial services, that is right for consolidation. regional banks like suntrust, regions financial, could be sold because of those conditions. low retail trading volumes needing ameritrade and e*trade on the block. those are firms that deal primarily with small investor trading. money is flowing out of stock mutual funds, not a lot of trading volume among individual investors. low trading volume plus low interest rates with melon and state street on the bank. on the block. when you hear about the euro zone problems, they are bubbling through, that is trouble pushing foreign banks to possibly spinoff their u.s. subsidiaries like the asset management something i have been hearing for months and months now. that's apparently it's one of the names. i'm not saying these banks are in particular in play. bankers at the wall street firms are definitely approaching these players saying you should do a deal. th
dodd-frank cost, the banks have had to cut cost. what you see is lower trade volumes. put all that together, that is a situation, that is what you have right now in the financial services, that is right for consolidation. regional banks like suntrust, regions financial, could be sold because of those conditions. low retail trading volumes needing ameritrade and e*trade on the block. those are firms that deal primarily with small investor trading. money is flowing out of stock mutual funds, not...
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Jan 2, 2013
01/13
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FOXNEWSW
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the real killers are obamacare, dodd-frank, hundreds of pages, and this is just a fraction. dodd-frank alone, in here, 398 times, it says, "and the secretary will write a rule and those rules will be 100 to 200 pages each." if you want to start a business you have to wade through all this. >>neil: it is not something that goes through congress, this is arbitrary, right? >>guest: i would not call it arbitrary. some bureaucrats thinks it is good. i don't know that running it through congress makes it better. >>neil: i would think on the dog chasing the bear, i don't think that would pass, a dog voting "yes." >>guest: that was done by regulators. >>neil: i have in proof. >>guest: i would think the bob cat could teach the dog a lesson without bureaucrats being involved. >>neil: i was here the other day and john's studio audience gathered and they are rabid and fired up and half the fun is watching them get annoyed. it is great stuff. catch it on fox business. >>neil: when we come back, congress, you deserve a raise. are you serious? that is an open question. >>neil: we are getti
the real killers are obamacare, dodd-frank, hundreds of pages, and this is just a fraction. dodd-frank alone, in here, 398 times, it says, "and the secretary will write a rule and those rules will be 100 to 200 pages each." if you want to start a business you have to wade through all this. >>neil: it is not something that goes through congress, this is arbitrary, right? >>guest: i would not call it arbitrary. some bureaucrats thinks it is good. i don't know that running it...
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Jan 17, 2013
01/13
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CNBC
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and it didn't look like the bank killing dodd frank had much impact on goldman sachs or jp morgan. high-end retails rally, and it incurred, and we keep acting as it has, and no cessation of home buying according to lennar, and the sandy bailout will kick in by the end of the second quarter, home depot will fly. we're through two of the washington stumbling blocks, the election and the fiscal cliff. one more leg to go. debt ceiling. the last obstacle may be the least dangerous, judging by what happened last year with the overly dreaded debt downgrade and what's happening now. take your cue from the markets. here is the bottom line. washington fright fest is almost over, people. maybe time to break out the dr. strangelove handbook and learn how to stop worrying and love the irrelevant gridlock that will soon face, once the debt ceiling is raised, and politics cease to be the biggest factor in our investment thinking. kevin in washington, kevin. >> caller: booyah, mr. brilliant one. just a quick question. you know, with the higher cost of foods and energy, and the lower incomes we're
and it didn't look like the bank killing dodd frank had much impact on goldman sachs or jp morgan. high-end retails rally, and it incurred, and we keep acting as it has, and no cessation of home buying according to lennar, and the sandy bailout will kick in by the end of the second quarter, home depot will fly. we're through two of the washington stumbling blocks, the election and the fiscal cliff. one more leg to go. debt ceiling. the last obstacle may be the least dangerous, judging by what...
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Jan 9, 2013
01/13
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CURRENT
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barney frank is good friend somebody i respect having said that, dodd-frank didn't go far enough and as far as elizabeth warren and sherrod brown, academics as well. to get congress to go back to that issue when it has to deal with immigration, it has to deal with what one hopes gun issues, with the debt ceiling, they are their band is not broad enough for them to undertake another major examination of something where they will say, hey we just did that. let's see how it plays out. you also don't have a consensus right now. truth be told, i don't think the votes are there to revisit these issues. you have a republican block that wouldn't go for anything stronger and a lot of democrats that wouldn't be there. i don't think we will get new legislation. we may get rule making but another legislative effort i don't think that will happen. >> the think about the sec, something that has come out recentlied, the sec has asked for corporations to release how -- what their political activities are. >> it's funny, i have been calling on shareholders to make the same demand of corporations for
barney frank is good friend somebody i respect having said that, dodd-frank didn't go far enough and as far as elizabeth warren and sherrod brown, academics as well. to get congress to go back to that issue when it has to deal with immigration, it has to deal with what one hopes gun issues, with the debt ceiling, they are their band is not broad enough for them to undertake another major examination of something where they will say, hey we just did that. let's see how it plays out. you also...
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Jan 24, 2013
01/13
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CNBC
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white as head of the sec and richard corps dray as head of consumer protection bureau created by the dodd-frank act. in both cases the president signaling a tough hand on the side ofonsu mary jo white would replace mary shapiro. mary shapiro, when we were going through a financial crisis, brought a background of expertise in financial regulation. mary jo white has a different profile. she is prosecutor, serving under president clinton. has a reputation for toughness and the president is trying to signal na in addition to after 2009, now that we are implementing dodd-frank, he wants a tough cop on the beat. that is also richard cordray's profile. he was not able to be confirmed. he was a recess appointment, because the republicans in the senate blocked his nomination to a permanent job. but the president is counting on his stronger position post election to get both nominations through. with respect to mary jo white, we will see whether the president has enough steam behind him that she can be confirmed on her own or if there a package deal with a new republican seat on the sec, that will be app
white as head of the sec and richard corps dray as head of consumer protection bureau created by the dodd-frank act. in both cases the president signaling a tough hand on the side ofonsu mary jo white would replace mary shapiro. mary shapiro, when we were going through a financial crisis, brought a background of expertise in financial regulation. mary jo white has a different profile. she is prosecutor, serving under president clinton. has a reputation for toughness and the president is trying...
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Jan 27, 2013
01/13
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WJLA
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we do not know is what kind of regulator shes, a and it is a big task because they have to implement dodd-frank. >> "the wall street journal" is not in love with either of these nominees. >> i concur with my colleagues on this one. can we now go on to something that we can arguabout? >> really? you think that they are a good choice? >> i did not know about him, but i know a about her. i want somebody that is toughn wall street. it is s not a conservative position to not be a against enforcing laws on wall street. you ought to be as tough on wall street as you are on main street. if we pass the assault weapons ban, i would make an exception anallow her to carry one. [laughter] >> that is still big if, at this point. >> it is. we pasassed financial reform i in the house and senate. there has to be it ---- it has to be implemented by the sec, and it still is not fully implemented by any means. that is a difficult and tricky thing to do. >> whatever is written about the obama administration, its prosecution of the malefactors on wall street certainly is not a starling chapter. that has yet to be wr
we do not know is what kind of regulator shes, a and it is a big task because they have to implement dodd-frank. >> "the wall street journal" is not in love with either of these nominees. >> i concur with my colleagues on this one. can we now go on to something that we can arguabout? >> really? you think that they are a good choice? >> i did not know about him, but i know a about her. i want somebody that is toughn wall street. it is s not a conservative...
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Jan 28, 2013
01/13
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CSPAN2
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eye 101
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dodd-frank, very bad legislature. the centerpiece of the obama at the democratic agenda, really -- everyone was against it. we published articles against it. republicans won the house. november 2010 to the republican house passed the legislation to introduce legislation to repeal the dodd-frank or to replace dodd-frank with a sensible kind of financial regulatory structure. so what does that say about where republicans were in their positive governing agenda question you have some regulatory structure. that's some and as to what you would replace dodd-frank with? mitt romney also didn't commit for a replacement for obamacare in the health care. a lot of conservatives blame the republicans. if you're a member other public and party and people are saying obama is terrible, what your replacement for obamacare and dodd-frank? we don't want to get into that right now. that's not serious governing party. in that respect having a leader won't be enough to having serious policies of the national level comparable to those a lo
dodd-frank, very bad legislature. the centerpiece of the obama at the democratic agenda, really -- everyone was against it. we published articles against it. republicans won the house. november 2010 to the republican house passed the legislation to introduce legislation to repeal the dodd-frank or to replace dodd-frank with a sensible kind of financial regulatory structure. so what does that say about where republicans were in their positive governing agenda question you have some regulatory...
WHUT (Howard University Television)
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Jan 25, 2013
01/13
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WHUT
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the federal reserve, the big boys in the new york banks, and the big boys who wrote songs-franc -- dodd-frank. it creates a government bank coalition. i think it is amazing we went through the last five years and there have been no serious investigations of what happened to all the money. i find myself thinking, i am about to agree with dr. west on a topic -- dissertations could be written about this particular thing. the only place that puzzles me is when secretary duncan when reverend sharpton and i went around. i think we were going around on behalf of the children. public education can be publicly funded as long as it is open to everyone. it cannot have restrictions, so i want to find a way to get to schools. if you can tie the money to performance, and you can ensure there is rapid change in any building where the children are not being served well, i would be much more comfortable, and i am willing to go to 15 children per classroom. i think that point is exactly right. >> is the speaker right or wrong. >> it is dead wrong. i do not want to waste in a time we vouching -- rehashing the v
the federal reserve, the big boys in the new york banks, and the big boys who wrote songs-franc -- dodd-frank. it creates a government bank coalition. i think it is amazing we went through the last five years and there have been no serious investigations of what happened to all the money. i find myself thinking, i am about to agree with dr. west on a topic -- dissertations could be written about this particular thing. the only place that puzzles me is when secretary duncan when reverend...
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Jan 25, 2013
01/13
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MSNBCW
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of course, the friday feels that dodd frank has hurt more than it's helped. now we've had ran appeals court ruling that questions the whole consumer protection board and the aability to be appointed as a recess appointment. a lot of the regulatory stuff still has to play out. overall, what is your take on the economy? are we recovering because housing is coming back? is this potentially another bubble? >> well, i'm really -- >> this time a stock market bubble. >> -- recovering because it looked like we were recovering in 2010, and then we weren't. in 2011, and thn we weren't. in 2012, and we weren't quite. one of the main mcmorgan stanley takes that the administration made and geithner is part of this, was being too optimistic about the state of the economy at several points. there's debate about how much they could have done about that. i think there were things they could have done. they would argue that, no, there wasn't anything they could have done because of congressional opposition. we made the mistake of being too opt mythsic again and again over the
of course, the friday feels that dodd frank has hurt more than it's helped. now we've had ran appeals court ruling that questions the whole consumer protection board and the aability to be appointed as a recess appointment. a lot of the regulatory stuff still has to play out. overall, what is your take on the economy? are we recovering because housing is coming back? is this potentially another bubble? >> well, i'm really -- >> this time a stock market bubble. >> -- recovering...
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Jan 27, 2013
01/13
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KQED
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eye 64
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do not know is what kind of a regulator she is, and it is a big task, because they have to implement dodd-frank. >> no surprise, "the wall street journal" does not merely like either. >> i agree with my colleagues. can move onto something else? i do not know anything about him, but i know about her. i want somebody tough on wall street. i do not think it is a conservative position to be against enforcing the laws on maastricht. as tough on wall street and main street. if we passed the assault weapons ban, i would make an exception and allow her to carry one. >> that is still a big if, at this point. >> we past financial reform in the house and senate. but there has to implementation by the sec. it still is not fully implemented, by any means. very difficult and tricky to do. >> whatever is written about the obama administration, its prosecution of the malefactors great what on wall street has certainly not a sterling chapter. it to be written. i charge mr. cordray and miss white without responsibility of every riding. >> you get the last word. thanks. see you next week. >>> from washington, the
do not know is what kind of a regulator she is, and it is a big task, because they have to implement dodd-frank. >> no surprise, "the wall street journal" does not merely like either. >> i agree with my colleagues. can move onto something else? i do not know anything about him, but i know about her. i want somebody tough on wall street. i do not think it is a conservative position to be against enforcing the laws on maastricht. as tough on wall street and main street. if...
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Jan 29, 2013
01/13
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CNBC
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, you know, or let's be dodd/frank, john. the reality is that a lot of appraisers were criticized for overappraising homes during the boom. they were in the pockets of the realtors. i'm sure there were lawsuits out there, right? do you feel like there's some appraisers now maybe purposefully lowballing or sandbagging to avoid any problem for them down the road? >> it's unlikely. i mean, you know, the appraisers, like you just pointed out, the appraisers tend to get the blame on both hand. while the market is hot they overappraise it and when the market is cold they are not recognizing what the true value, is whatever that is, of the property should be, so the appraisers aren't intentionally being conservative because that would be doing an appraisal that is likely in violation of the uniform standards of professional appraisal practice. their job is to try to mere orthomarket and be able to determine what the value should be based on typical buyers and sellers in the marketplace. >> but, of course, we all know, those of us wh
, you know, or let's be dodd/frank, john. the reality is that a lot of appraisers were criticized for overappraising homes during the boom. they were in the pockets of the realtors. i'm sure there were lawsuits out there, right? do you feel like there's some appraisers now maybe purposefully lowballing or sandbagging to avoid any problem for them down the road? >> it's unlikely. i mean, you know, the appraisers, like you just pointed out, the appraisers tend to get the blame on both hand....
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Jan 16, 2013
01/13
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CNBC
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dodd and mr. frank, you want to be mr. goldman and mr. saks. they're killing it. >> i know they can solve this. i keep telling myself every day. first you have to come clean and say we have a real problem. >>> yahoo!. why would yahoo! not take a page. yahoo! should do the same thing. become public and next thing you know, you're facebook. >>> anything that aligns employees with word of the shareholders is a good thing. unless a lot of other firms do the same thing it could be problematic for morgan stanley. we do think it's a move in the right direction. >> any any given night in the u.s., a full one-third of hotel rooms are empty. and hoteliers have every incentive to fill those rooms on a given night. they're often willing to discount to do so. >>> good wednesday morning. we're live here at post 9 at the new york stock exchange. markets are lower today for the first time in five, actually, for the dow. down 44 points. s&p down 2.5. nasdaq holding on to a slight gain. ant 2 1/2 points. apple bouncing back a bit after big losses earlier in the
dodd and mr. frank, you want to be mr. goldman and mr. saks. they're killing it. >> i know they can solve this. i keep telling myself every day. first you have to come clean and say we have a real problem. >>> yahoo!. why would yahoo! not take a page. yahoo! should do the same thing. become public and next thing you know, you're facebook. >>> anything that aligns employees with word of the shareholders is a good thing. unless a lot of other firms do the same thing it...
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Jan 18, 2013
01/13
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CNBC
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what we have done on dodd-frank is doing more harm than good. we'll leave it there. me, i want 4% to 5% growth. smaller government, fewer regulations and stop paying people not to work! those are key points. thanks to dean baker. and jim. now, investors cheered some positive economic reports sending the s&p 500 to the best level in more than five years. the dow added 84 points. this is great. all good. but let me say this. regarding our potential to grow. given the high level of promise and the incredibly low level of interest rates, more interesting why isn't the stock market much higher than it is? why isn't the stock market setting new all time highs on a daily basis? i mean, way beyond october 2007. to help illuminate this, we bring bought stephen weiss, author of "unhundredged, the kig of the market." why haven't stocks done better, with profits where they are. why? >> people are afraid. that's the reason. you have a dysfunctional washington right now which preys on the market. you have bond market that -- a bond market that holds up well.
what we have done on dodd-frank is doing more harm than good. we'll leave it there. me, i want 4% to 5% growth. smaller government, fewer regulations and stop paying people not to work! those are key points. thanks to dean baker. and jim. now, investors cheered some positive economic reports sending the s&p 500 to the best level in more than five years. the dow added 84 points. this is great. all good. but let me say this. regarding our potential to grow. given the high level of promise and...
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Jan 5, 2013
01/13
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CSPAN
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dodd-frank, part of the issue, said we need to bring back position limits. that was a specific part of the dodd-frank legislation that went to the cftc. when they tried to implement these position limits, they were sued. the d.c. district court remanded that legislation that to be -- the cftc. even though dodd-frank asked for this legislation, is out of existence. difficult position. host: our next call from pennsylvania on the independent line. nathan, good morning. caller: good morning. this is really an outrage. i agree. it is not just the co modification of food as a training tool. it is disgusting and against all moral reason. the real culprit behind this is -- it was canon law that any -- alone was equivalent to murder and robbery. as soon as this started becoming the norm, that is when we had unbelievable amounts of hunger and poverty in the world. the financial system is a behemoth. you go to your atm, bank of america, and it says, together with 500. they are the reason there is hunger. guest: thank you. by bringing attention to interest rates, which
dodd-frank, part of the issue, said we need to bring back position limits. that was a specific part of the dodd-frank legislation that went to the cftc. when they tried to implement these position limits, they were sued. the d.c. district court remanded that legislation that to be -- the cftc. even though dodd-frank asked for this legislation, is out of existence. difficult position. host: our next call from pennsylvania on the independent line. nathan, good morning. caller: good morning. this...
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Jan 10, 2013
01/13
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WJZ
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in the treasury secretary's bailiwick is to do the financial reform that is part of implementing the dodd-frank legislation. the next treasury secretary must implement those rules in such a way as to provide the overnight the regulation that our financial markets have lacked for so many years and if we don't do that we'll be right back in the soup sooner than later. >> woodruff: do you think jack lew is the person to do that? >> i think he'll be a very effective regulator. i think we have to see how tough he's going to be as a financial market regulator. that's a bit of an unknown at this point. >> that is a concern and the concern express one hears from the left that not enough focus on creating jobs there's a lot of focus on cutting on fiscal stringency. what about that angle of this appointment? >> one of the things you hear from administration officials and the president said it today is that for jack lew the numbers have people behind them and so of course you've got budget issues, the regulation implementing dodd-frank but confronting unemployment is going to be a top priority and jack le
in the treasury secretary's bailiwick is to do the financial reform that is part of implementing the dodd-frank legislation. the next treasury secretary must implement those rules in such a way as to provide the overnight the regulation that our financial markets have lacked for so many years and if we don't do that we'll be right back in the soup sooner than later. >> woodruff: do you think jack lew is the person to do that? >> i think he'll be a very effective regulator. i think...
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Jan 6, 2013
01/13
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FOXNEWSW
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there is huge uncertainty and dodd-frank which will be implemented in the financial industry. why do we have 2% growth? i think those are the reasons. we have some positive signals for the economy but not enough to pull it off. >> paul: if there is a silver lining that the public will begin to understand you can't reduce the deficit with a tax increase, you just can't do it? this represents $600 billion, that is 7% max of what the deficit is. >> great point. by the way, let me step back that you and i, we have lived through these budgeted deals. almost none of them worked out really well. this the first budget deal i can recall dating back to reagan years there wasn't a pretense of cutting spending. there would be three dollars of phony spending cuts -- there was increased spending with extension of unemployment. now i think the republicans are a little higher ground as we go forward. you saw president obama in his press conference after he signed the bill saying this is only the first of many tax increases to come in 2013. i believe the republicans are not going to budge an i
there is huge uncertainty and dodd-frank which will be implemented in the financial industry. why do we have 2% growth? i think those are the reasons. we have some positive signals for the economy but not enough to pull it off. >> paul: if there is a silver lining that the public will begin to understand you can't reduce the deficit with a tax increase, you just can't do it? this represents $600 billion, that is 7% max of what the deficit is. >> great point. by the way, let me step...
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Jan 16, 2013
01/13
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KICU
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during the election and during this tax battle, it could get even worse, because under a 2010 law, dodd-frank, public companies are supposed to disclose the relationship between what their ceo makes - that's already public information - but they are supposed to compare it and give a ratio with what their median employee, kind of the typical employee, makes. so this is something that people can compare from company to company just to see how much more - "wow, the ceo makes 300 times more than the typical worker here!" > in some companies it wouldn't be that dramatic - an investment bank, for example. but at other companies - you had mentioned earlier wal-mart - it would be a hugely divergent number. > > take goldman sachs. their ceo makes a lot of money, but there are a lot of people at goldman sachs who also make a lot of money. so the disparity wouldn't be as great maybe as wal-mart or some retailer where you have a ceo who probably makes a lot, but you have a lot of minimum-wage workers. so that is going to be a big disparity. > also in corporate governance, we are going to know a little bi
during the election and during this tax battle, it could get even worse, because under a 2010 law, dodd-frank, public companies are supposed to disclose the relationship between what their ceo makes - that's already public information - but they are supposed to compare it and give a ratio with what their median employee, kind of the typical employee, makes. so this is something that people can compare from company to company just to see how much more - "wow, the ceo makes 300 times more...
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Jan 11, 2013
01/13
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CSPAN2
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the rule being announced, implemented, reinforces the key protections mandated by dodd-frank. and appropriately targets the strongest protection at the riskiest loans. it will provide substantial certainty of protection for lenders in order to encourage apple access to credit. there remain several key provisions as discussed in comments earlier. .. bringing a wave of claims for discouraging lenders. indeed there have been who consumer claims notwithstanding the historic recent practices. rather, the market rightfully lost faith in the quality and safety of mortgages because of the assets of basic protection which generated the race to the bottom where that tripped up loans dominated consumers and investors alike such as with credit cards or the adoption of common sense reforms has produced a transparent and competitive market that a better service consumers and lenders alike. so in summary there fully implementing the dodd-frank mortgage protection and enacting substantial reform to the mortgage servicing. works well for families, for lenders and the economy. thank you. >> tha
the rule being announced, implemented, reinforces the key protections mandated by dodd-frank. and appropriately targets the strongest protection at the riskiest loans. it will provide substantial certainty of protection for lenders in order to encourage apple access to credit. there remain several key provisions as discussed in comments earlier. .. bringing a wave of claims for discouraging lenders. indeed there have been who consumer claims notwithstanding the historic recent practices....
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Jan 11, 2013
01/13
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WETA
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in the treasury secretary's bailiwick is to do the financial reform that is part of implementing the dodd-frank legislation. the next treasury secretary must implement those rules in such a way as to provide the overnight, the regulation that our financial markets have lacked for so many years and if we don't do that, we'll be right back in the soup sooner than later. >> woodruff: do you think jack lew is the person to do that? >> i think he'll be a very effective regulator. i think we have to see how tough he's going to be as a financial market regulator. that's a bit of an unknown at this point. >> that is a concern and the concern express one hears from the left that not enough focus on creating jobs, there's a lot of focus on cutting, on fiscal stringency. what about that angle of this appointment? >> one of the things you hear from administration officials and the president said it today is that for jack lew the numbers have people behind them and so of course you've got budget issues, the regulation implementing dodd-frank but confronting unemployment is going to be a top priority and jac
in the treasury secretary's bailiwick is to do the financial reform that is part of implementing the dodd-frank legislation. the next treasury secretary must implement those rules in such a way as to provide the overnight, the regulation that our financial markets have lacked for so many years and if we don't do that, we'll be right back in the soup sooner than later. >> woodruff: do you think jack lew is the person to do that? >> i think he'll be a very effective regulator. i think...
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Jan 11, 2013
01/13
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KICU
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the new standards are part of the 2010 dodd-frank act. they hope to avert another collapse of the housing sector. in exchange for more selectivity, lenders may face fewer penalties if the loans fall into foreclosure. not the wild west, but not a strait-jacket, either. "the 'wild west' is done. this is about rational lending." however, the national consumer law center says applying a 43% debt-to-income ratio to someone making just a thousand dollars a month still invites abuse, yet now gives lenders "cover" from legal action. starbucks is attempting to block actor patrick dempsey's bid to buy tully's coffee in court today. dempsey's group, global baristas, offered $9 billion for the tully's franchise. now starbucks and agri-nurture, a food producer based in the phillippines, are offering to buy all 47 tully's locations in a $10.5-billion bid. starbucks wants 25 of those stores to rebranded under its own name. the case heads to bankruptcy court today. herbalife's ceo is fighting back. ceo michael johnson defended the nutritional supplements
the new standards are part of the 2010 dodd-frank act. they hope to avert another collapse of the housing sector. in exchange for more selectivity, lenders may face fewer penalties if the loans fall into foreclosure. not the wild west, but not a strait-jacket, either. "the 'wild west' is done. this is about rational lending." however, the national consumer law center says applying a 43% debt-to-income ratio to someone making just a thousand dollars a month still invites abuse, yet now...